$TRUMP, a memecoin associated with Former U.S. President Donald Trump, dropped by over 30% following rumours of an “official” Trump token launch on Solana.
Online media publication Pirate Wires claimed in a social media post that Trump is launching a token called TrumpCoin with the ticker DJT, allegedly spearheaded by his 18-year-old son, Barron. However, Trump’s team has not confirmed this.
Blockchain analytics firm Bubblemaps has, however, raised doubts about DJT’s legitimacy, noting that 67% of its supply is concentrated in one cluster, and 43% is held by Solana-based automated market maker Raydium. Furthermore, data from Birdseye indicates the first DJT tokens were minted on April 22.
Despite these doubts, TRUMP fell 31% to $7.46 within four hours of the rumours, according to data from CoinGecko.
As the crypto industry waits for Trump’s confirmation, some stakeholders’ leaders have expressed frustration at the timing of this token launch. David Baliey, the CEO of Bitcoin Magazine, in a recent X post, wrote
“If the DJT Solana memecoin is fake, whoever propagated that needs to be tarred and feathered and chased out of our industry for good. This is how you make the whole industry look back and signal to the President and his team we’re a liability not an asset.”
Interestingly, blockchain intelligence firm Arkham reported that Trump’s crypto asset portfolio had briefly surpassed $10 million, driven by a surge in the value of TRUMP, which hit an all-time high of $13.24 on May 27. This spike followed his positive remarks about the cryptocurrency industry on May 25.
“I am very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry,”
he wrote in a post on his social media platform, Truth Social. Following these remarks, the Former U.S. President also expressed his intention to accept cryptocurrency donations for his 2024 campaign.
READ MORE: Trump Rallies Crypto Industry Support, Pushes for US Leadership in Bitcoin Mining
According to Arkham, Trump holds 579,290 TRUMP tokens valued at approximately $6.79 million.
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